A Collaboration with University of Pittsburgh   

NY AG Spitzer drops charges against Sihpol following SEC settlement

[JURIST] New York Attorney General Eliot Spitzer [official profile; JURIST news archive] Wednesday dropped criminal charges against Theodore Sihpol, a former Bank of America broker accused of aiding illegal trades by a hedge fund, after Sihpol settled related charges with Securites and Exchange Commission [official website]. Under the settlement with the SEC [PDF text], Sihpol agreed to a $200,000 fine and a five-year ban from the securities industry, while not admitting or denying wrongdoing. Spitzer dropped four remaining charges against Sihpol, after Sihpol had been acquitted of 29 other charges [JURIST report] in June. At the time, Spitzer said he planned to retry [JURIST report] the four other charges on which the jury deadlocked in the original trial. Sihpol was the first defendant tried by Spitzer from a series of charges against the mutual fund industry, which many predicted would cause others to seek a trial rather than settling with Spitzer. The SEC has a news release on the settlement. Reuters has more.

Support JURIST

We rely on our readers to keep JURIST running

 Donate now!

About Paper Chase

Paper Chase is JURIST's real-time legal news service, powered by a team of 30 law student reporters and editors led by law professor Bernard Hibbitts at the University of Pittsburgh School of Law. As an educational service, Paper Chase is dedicated to presenting important legal news and materials rapidly, objectively and intelligibly in an accessible format.

© Copyright JURIST Legal News and Research Services, Inc., 2013.